“The government’s program
to help the real estate sector is
comprehensive and very well balanced,” Irakli Burdiladze, CEO of m2 Real Estate , says.
According to Burdiladze, in the current crisis, the economy in any case needs support.
“The current crisis is unprecedented in scale, and the economy needs to be stimulated. The government program is very balanced, since on the one hand, it stimulates mortgage loans, that is, demand, on the other hand, supply. This primarily concerns the acquisition of real estate for refugees and the guarantee scheme for construction projects. We believe that, the stimulus package will boost the development sector in maintaining stability and liquidity. All this will seriously help maintain jobs in the construction industry, "he explains.
In Burdiladze’s words, without the support program, demand for real estate and sales in the real estate market would be significantly reduced.
“Our sales have not decreased. The crisis began a few months ago, we expected a decrease in sales that would have been inevitable if not the government’s program. A decrease in sales first of all means lower incomes and job cuts. Moreover, some development companies would have been on the verge of bankruptcy and the government program will help to avoid such a development, "Irakli Burdiladze notes.
Burdiladze believes that the program will help developers maintain the pre-crisis level sales and the real estate market will not decline.